Key Considerations Under
California’s UVTA Protect Your Wealth
Asset protection strategies require attention to detail and an understanding of the complex laws that govern these strategies. One law Californians must be aware of when transferring assets is the Uniform Voidable Transactions Act. UNDERSTANDING CALIFORNIA’S UNIFORM VOIDABLE TRANSACTIONS ACT (UVTA) California Civil Code 3439, or the Uniform Voidable Transactions Act, was enacted on Jan. 1, 2016. It establishes the circumstances necessary for creditors to ask the courts to reverse or reject the transfer or sale of assets when an insolvent debtor completes the transfers to avoid payment to creditors. The law specifically states that a transaction is voidable to a creditor if the following circumstances are present:
or defraud any creditor of the debtor.” Without receiving reasonably equivalent value in exchange for the transfer or sale, and the debtor either: » Was engaged or was about to engage in a business or a transaction for which the remaining assets of the debtor were unreasonably small in relation to the business or transaction
conceals the transaction from creditors and/or the state, or if the debtor already knew about upcoming litigation related to their debts at the time of the transaction, then a fraudulent transaction is likely to be investigated. Other factors include:
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Whether all or most assets are transferred or sold
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Concealing assets
Intended to incur, or believed or reasonably should have believed that the debtor would incur, debts beyond the debtor’s ability to pay as they become due
The timing of the transaction with respect to the incurred debt
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The UVTA is a legal mechanism intended to ensure that creditors receive what they’re owed from individuals and entities capable of paying those debts. At Dahl Law Group, we consider all these circumstances to ensure our clients make the right decisions to manage and protect their assets. There are more effective and legal pathways to limiting your liabilities while enjoying the full breadth of your hard work. Contact Dahl Law Group today!
WHAT CIRCUMSTANCES ARE CONSIDERED IN A POTENTIALLY FRAUDULENT TRANSACTION? The state looks at several factors to determine whether or not a transaction was intentionally fraudulent. First, transferring or selling assets to a known person or entity is a telltale sign. Additionally, if the debtor retains control of the asset even after the transaction,
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There is evidence the transaction was made to intentionally “hinder, delay,
Delicious Chickpea Curry
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Packed with protein and fiber, this chickpea curry is a flavorful, plant-based option perfect for any diet.
Ingredients • 2 tbsp olive oil • 1 onion, diced
can create a precious gift for your children, grandchildren, and other loved ones that will preserve your memory for decades to come.
• 1 15-oz can chickpeas, drained and rinsed • 1 14-oz can diced tomatoes • 1 cup low-sodium vegetable broth • Salt and pepper, to taste
• 2 garlic cloves, minced • 2 tbsp curry powder • 1 tsp ground cumin • 1 tsp ground turmeric
“Success is peace of mind, which is a direct result of self- satisfaction in knowing you made the effort to become the best of which you are capable.” –John Wooden
Directions 1. In a large pot over medium heat, add the olive oil.
2. Add the onion and garlic and cook until softened, about 5 minutes. 3. Add the curry powder, cumin, and turmeric and stir to combine. 4. Add the chickpeas, tomatoes, and vegetable broth and bring to a simmer. 5. Reduce the heat to low and simmer for 20 minutes, stirring occasionally. 6. Season with salt and pepper to taste.
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